UBI to seek Rs.1,000 crore from government

Public sector lender Union Bank of India (UBI) will seek capital investment up to Rs.10 billion from the central government to clock around 18-20 percent growth in its business at the end of this financial year, a top official said Thursday.

"This year, we plan to ask for Rs.950 crore to Rs.1,000 crore to meet our business growth target," UBI chairman and managing director (CMD) D. Sarkar told reporters on the sidelines of a FICCI event.

Sarkar said the bank had sought Rs.6.5 billion (Rs.650 crore) from the central government in the last fiscal but did not get it.

He said the Mumbai-headquartered bank was hopeful of setting up its overseas banking unit in Dubai and its wholly-owned subsidiary in London within this fiscal.

The state-run lender was also planning to upgrade its representative offices in China and Sydney into full fledged branches, the CMD said.

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